The U.S. Hispanic population accounted for an increase of 2.6 million owner households—or nearly 47 percent of all home ownership growth in the country between 2000 and 2013.

The population of Hispanic people in the United States is growing rapidly and is a key indicator of housing demand, the report notes. The Hispanic population in the U.S. is currently about 53 million. Between now and 2050, that number is expected to grow 167 percent—compared to a 42 percent growth rate projected for the rest of the U.S. population.

“This is a story of pent-up demand,” says Jason Madiedo, president of NAHREP. “Latinos are ready to buy homes now. Their biggest obstacle coming into today’s market isn’t credit; it’s lack of available housing. The readiness of this first-time buyer market represents a whole new purchase cycle that can drive recovery in local communities and put the housing recession behind us once and for all.”